The health crisis slowed the market this spring, so buyers are jumping back into the market to make their moves this summer.
Despite the economic downturn and disruptions stemming from the coronavirus pandemic, Northwest MLS member-brokers reported impressive improvement from April to May on some key indicators. The volume of new listings, including single family homes and condominiums, rose 29.2% and pending sales jumped more than 44% systemwide. “The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring,” said Joel Kan, an MBA economist.
- Mortgage applications to purchase a home rose 5% for the week and were a stunning 18% higher than a year ago, according